All we try to do is buy a dollar for 40 cents.

When a stock doubles, sell half - then what you have is a free position. Then it becomes more of an art form. When you sell depends on individual circumstances.

The company must be profitable. Preferably it will have increased its earnings for the past five years and there will have been no deficits over that period.

The difference between the price we pay for a stock and its liquidation value gives us a margin of safety. This kind of investing is one of the most effective ways of achieving good long term results.

The company must be paying dividends. Preferably the dividend will have been increasing and have been paid for some time.

I’m lucky to have the kind of life where the differentiation between work and play is absolutely zilch. I have no idea whether I’m working or whether I’m playing.

What differentiates us from other money managers with a similar style is that we’re comfortable with new lows.